JULIEN WALMACQ: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
JULIEN WALMACQ
Largest movements
- Cash -€161,094
down €161,094 (-33.9%), from €475,212 to €314,117
mainly Investment in fixed assets (net) (-€150,669) and Net result for the year (-€66,622)
- Tangible fixed assets +€79,060
up €79,060 (+45.5%), from €173,768 to €252,828
of which Furniture and vehicles: +€83,540
- Profit (loss) carried forward -€66,622
down €66,622 (-14.6%), from €455,782 to €389,161
- Other debts -€23,411
no longer reported in 2025 (was €23,411)
- Trade debts +€17,454
up €17,454 (+24.0%), from €72,809 to €90,263
- Current portion of long-term debt -€12,265
down €12,265 (-27.9%), from €43,927 to €31,663
- Gross operating margin -€131,314
down €131,314 (-36.3%), from €361,464 to €230,150
- Staff costs +€72,883
up €72,883 (+51.4%), from €141,691 to €214,575
- Taxes -€46,297
down €46,297, from €45,955 to -€342
- Depreciation +€15,766
up €15,766 (+26.0%), from €60,708 to €76,474
- Financial income +€4,012
up €4,012 (+228%), from €1,756 to €5,768
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €757,099 | €680,791 | -€76,308 | -10.1% |
| Fixed assets | 21/28 | €182,518 | €256,713 | +€74,195 | +40.7% |
| Intangible fixed assets | 21 | €8,750 | €3,750 | -€5,000 | -57.1% |
| Tangible fixed assets | 22/27 | €173,768 | €252,828 | +€79,060 | +45.5% |
| Plant, machinery and equipment | 23 | €30,455 | €25,975 | -€4,480 | -14.7% |
| Furniture and vehicles | 24 | €143,313 | €226,852 | +€83,540 | +58.3% |
| Financial fixed assets | 28 | - | €135 | +€135 | |
| Current assets | 29/58 | €574,581 | €424,078 | -€150,503 | -26.2% |
| Amounts receivable within one year | 40/41 | €44,337 | €49,836 | +€5,500 | +12.4% |
| Trade receivables | 40 | €39,844 | €33,045 | -€6,799 | -17.1% |
| Other amounts receivable | 41 | €4,493 | €16,791 | +€12,298 | +274% |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €475,212 | €314,117 | -€161,094 | -33.9% |
| Deferred charges and accrued income | 490/1 | €5,033 | €10,125 | +€5,092 | +101% |
| Total equity and liabilities | 10/49 | €757,099 | €680,791 | -€76,308 | -10.1% |
| Equity | 10/15 | €501,242 | €434,621 | -€66,622 | -13.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,860 | €26,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €455,782 | €389,161 | -€66,622 | -14.6% |
| Amounts payable | 17/49 | €255,857 | €246,171 | -€9,687 | -3.8% |
| Amounts payable after more than one year | 17 | €58,182 | €59,339 | +€1,157 | +2.0% |
| Financial debts | 170/4 | €58,182 | €59,339 | +€1,157 | +2.0% |
| Amounts payable within one year | 42/48 | €197,032 | €183,192 | -€13,841 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €43,927 | €31,663 | -€12,265 | -27.9% |
| Financial debts | 43 | €256 | €3,101 | +€2,845 | +1,113% |
| Credit institutions | 430/8 | €256 | €3,101 | +€2,845 | +1,113% |
| Trade debts | 44 | €72,809 | €90,263 | +€17,454 | +24.0% |
| Suppliers | 440/4 | €72,809 | €90,263 | +€17,454 | +24.0% |
| Taxes, remuneration and social security | 45 | €56,629 | €58,164 | +€1,535 | +2.7% |
| Taxes | 450/3 | €29,558 | €27,017 | -€2,542 | -8.6% |
| Remuneration and social security | 454/9 | €27,071 | €31,148 | +€4,077 | +15.1% |
| Other amounts payable | 47/48 | €23,411 | - | -€23,411 | |
| Accrued charges and deferred income | 492/3 | €643 | €3,641 | +€2,997 | +466% |
| Remuneration, social security and pensions | 62 | €141,691 | €214,575 | +€72,883 | +51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,708 | €76,474 | +€15,766 | +26.0% |
| Other operating charges | 640/8 | €1,703 | €5,653 | +€3,950 | +232% |
| Gross operating margin | 9900 | €361,464 | €230,150 | -€131,314 | -36.3% |
| Operating profit (loss) | 9901 | €157,362 | -€66,551 | -€223,913 | |
| Financial income | 75/76B | €1,756 | €5,768 | +€4,012 | +228% |
| Recurring financial income | 75 | €1,756 | €5,768 | +€4,012 | +228% |
| Financial charges | 65/66B | €5,996 | €6,181 | +€185 | +3.1% |
| Recurring financial charges | 65 | €5,996 | €6,181 | +€185 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €153,122 | -€66,964 | -€220,086 | |
| Income taxes | 67/77 | €45,955 | -€342 | -€46,297 | |
| Profit (loss) for the period | 9904 | €107,167 | -€66,622 | -€173,789 | |
| Profit (loss) for the period to be appropriated | 9905 | €107,167 | -€66,622 | -€173,789 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.